One of the defining elements that make a good business opportunity is the abundance of potential customers. This is the reason many starting entrepreneurs are going into kid-focused businesses. There are over 300,000 babies born around the world every day, and children’s needs and wants are the priority in households. The abundance of potential customers, however, means greater competition for businesses.
If you’re hoping to get into this industry and get a big slice in the market share pie, here’s what you need to do:
You Need to Be Kid-Friendly Yourself
Before thinking about kid-oriented businesses or making your staff more kid-friendly, ask yourself if you have the passion that will move you to actually start this business. Do you have a deep interest in serving and entertaining kids? Can you work smoothly with “sensitive” parents and their tantrum-prone children? It’s also important to have a sense of fun and wonder.
Kids are naturally imaginative. To appeal to that, you’ll need a lot of innovation in your business. Of course, it goes without saying that patience is a crucial part of being a kid-friendly entrepreneur.
You Should Be Updated with Trends
A large pool of market means a lot of different audience profiles. The wide spectrum of children’s needs and wants shapes trends in the industry — and you must be watchful of these.
For instance, as Marble Slab noted, pastry shops, grab-and-go, healthy meals, and ice cream franchising opportunities are most profitable in the last years. In the context of toys and games, educational materials are what’s most promising. In clothing, plus-size wear is in demand, given the steady rise in child obesity rates.
You Must Market Creatively
The success of your kid-oriented business lies heavily on your ability to think outside the box to sustain interests of kids and parents. This doesn’t just refer to collaterals or branding. You need to explore other creative ways of reaching your audience.
For instance, food brands partner with schools and participate in their campus fairs. Clothing brands, on the other hand, sponsor an influencer’s baby shower. It’s not enough for your brand to just appear on TV or the Internet, though. You have to tickle the interest of your target market by exploring other ways of tapping them.
Are you ready to take on a kid-focused business? Remember these tips as you start your entrepreneurial journey.